Forex: EUR/JPY ranges below 106.00 after EMU data
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EUR/JPY
FXstreet.com (Barcelona) - Buys of the JPY in early Asian session have been pulling the EURJPY down and were able to breach below the 106.00 mark, only finding its daily low at 105.52. The cross is now raging between that point and the psychological level of 106.00, currently around 105.75.
M3 Money supply in the Eurozone grew from 2.7% to 3.9% in October (YoY), beating the consensus estimate of 2.8%. The 3 month basis rose from 3.0% to 3.1%. The annualized change in private loans narrowed its contraction from -0.8% to -0.7%, instead of extending to -0.9% as expected. Earlier, the annualized Spanish retail sales improved from -11.0% to -9.7% in October, while consensus was pointing to further contraction to -11.5%.
"We note the TD perfection set up on the daily (typically denotes likely exhaustion and consolidation on a chart) - both factors suggest we should see some correction lower very near term", wrote Commerzbank analyst Karen Jones, pointing to initial support at 104.59. "Beyond this, our overall target is 111.43/112.08, the 2012 high and the 2009 low", Jones added.
M3 Money supply in the Eurozone grew from 2.7% to 3.9% in October (YoY), beating the consensus estimate of 2.8%. The 3 month basis rose from 3.0% to 3.1%. The annualized change in private loans narrowed its contraction from -0.8% to -0.7%, instead of extending to -0.9% as expected. Earlier, the annualized Spanish retail sales improved from -11.0% to -9.7% in October, while consensus was pointing to further contraction to -11.5%.
"We note the TD perfection set up on the daily (typically denotes likely exhaustion and consolidation on a chart) - both factors suggest we should see some correction lower very near term", wrote Commerzbank analyst Karen Jones, pointing to initial support at 104.59. "Beyond this, our overall target is 111.43/112.08, the 2012 high and the 2009 low", Jones added.
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